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11/19/2013 10:19AM

Lew: Hopeful on Corporate Tax Reform

"When you let a majority in Congress work, they do the right thing," according to Jack Lew, U.S. Treasury Secretary, in hopes of forthcoming corporate tax reform just taking shape in Congress. He spoke with WSJ's Gerard Baker at WSJ's CEO Council.

This transcript has been automatically generated and may not be 100% accurate.

... I ... I think it today actually am ... Michael is the chairman of the Senate Finance Committee is can it ... presented a plan ... fortune What You article summer day camp in the in the house ... for um corporate tax reform of rage here it into our audience here of course we did secure the issue of ... taxation legacies ... of the seasonings ... um ... there's a lot of it you know you're in wartime from CEO is another's lot of concern about this issue ... idea how much the chops to see this this latest proposal ... but is that you think what what this proposal summing else in the course of this budget negotiation this may be an opportunity to deal with this issue which really does Warilla purposes people I pass and or Baucus yesterday and the way I think it's a very constructive step that is putting forward the ... new ... draft ... um ... I look for just adding the de tails from one and or stand it shares of some ... significant characteristics with the president's framework ... which ... I actually think as a cinematic convergence between Democrats and Republicans ... I hope that Republicans engaged with money to help the Democrats gate with them on what we saw in the middle of October ... was of a new letter majority in Congress for they actually do the right thing ... to do a majority work on tax reform ... the president outlined in July is I think a very plausible path if you can't do everything to business tax reform ... have our statutory rate not become some of the summit drive business out that the contract is this the nine states ... deal with disparity between us and international tax rates eliminate some of the ... tax ... could be improved and provisions that skew the investment decisions ... and ... there's the benefit in business tax reform in in in in ... excrement in general that ... there is some a one-time ... revenue that comes and ... presence in July will use that that the Jumpstart Our investment in infrastructure ... you can use it to lower tax rates forever because it wouldn't pay for it forever ... so it's one time savings that we think would be ... enormous chutney on the economy ... and it would build a foundation for ... stronger growth and job creation economy going forward ... if we put an end infrastructure so ... I'm hoping that this conversation still can can ... can move forward